SPY chart shows late stage DEEPLY overbought conditions confirming what we’ve always suspected. The QQQ is in late stage overbought and likely going to peak fairly soon. We’re nearing the end of the run.
The QQQ rally segment that began in mid-June at $523.65 a share has now extended to 25-sessions. That is the longest single segment without a 2.4% pull-back going back to the lows of 2022.
Segment reaches 24-sessions on Friday, as percentage returns for the entire month of July barely exceeds 2%. We continue to wait patiently for the market to reach an intermediate-term peak.
Rally Day 76: QQQ on Longest Near-Term Rally Without a 2% Pull-Back Read Post »
The current QQQ segmented rally has officially extended to 23-days now. That’s 1 day shy of the record. Gains are in-line with other segments. Overall, very close to a peak based on historical trends.
Rally Day 75: Segment Reaches Day 23 which is One Day Shy of Modern Record Read Post »
While the QQQ pulled back sharply to begin yesterday’s session, we’ve seen no follow through whatsoever. If new highs are made, Segment stands at 22-days.
Rally Day 74: Near-Term Top Still Uncertain as QQQ/SPY Trade Sideways Read Post »
As the Segmented rally extended to day 20, some volatility has finally entered into the market. Time will tell whether we’ll get follow through and begin a near-term pull-back of 3-4%.
Rally Day 73: Market Pull Back Could be Underway; Nvidia ALREADY oversold Hourly Read Post »
The SPY & QQQ having been rallying non-stop for 19-sessions without a pull-back. The record during this bull market is 24-sessions. This is evidence that we should see a peak this week.
The QQQ segment rally is now in-line with the typical range at a peak. At 7.85%, it falls within that 8-10% range indicating a pull-back is likely to start next week.
Rally Day 71: Segment on QQQ Extends to 7.85% Hinting at a Peak Next Week Read Post »
We review some of the main arguments in support of the conclusion that the market is likely to experience a correction between end of July and August, and our strategy as a result.
Rally Day 70: Strategy in the Home Stretch (10-Days until Topping-Zone) Read Post »
Market rally has been marred by indecision candlesticks. The segmented rally looks to be drawing to an end and the end of July is still on schedule for a likely peak in the rally. Nothing has changed.